A Report from the Prime Minister: Our Plan for a Sustainable Island State

Fellow Kittitians and Nevisians, home and abroad, and all those who have chosen our beloved Federation as your home.

A New Era for Sustainable Development

I stand before you today to give a report on the state of our CBI and to present our Saint Kitts-Nevis Labour Party Administration’s plan for our Federation’s necessary transformation into a Sustainable Island State. I, therefore, ask for your attention, because what we are building together will shape the future of generations to come.

Dependence on CBI

Two years ago, when we took office, the Citizenship by Investment (CBI) programme directly contributed between 60-70 percent of our Federal revenue. We were overly dependent on CBI—our proverbial economic eggs were all in one basket. Unlike nations that rely on natural resources like oil and gas, which have stable and consistent demand, CBI has never been a guaranteed industry.

The Risks of CBI

Consider this: planes and cars need oil and gas to move. Power stations need them to produce electricity. But no nation can truly say that citizenships will always be in demand. The reality is simple: the CBI is vulnerable to international politics and scrutiny.

A Turning Point: 2022

In 2022, when our Administration took office, our international partners had their eyes squarely on our CBI programme. The ill-conceived Team Unity Prison Project had resulted in tens of thousands of citizenships being issued from a single venture, putting our visa-free access to the UK and the EU in grave jeopardy.

A New Direction

I want to make this clear today: Saint Kitts and Nevis was on the brink of losing that precious visa-free access. If we had not taken bold, immediate action, we would have lost that privilege. The evidence was overwhelming. This was confirmed, both publicly and privately, by our international partners. The previous administration had risked our country’s reputation for short-term financial gain, pushing us dangerously close to an economic cliff.

Reforms and the Future

When we took office on August 05, 2022, we faced a stark choice: either to continue down the path of reckless exploitation of CBI, or make tough decisions to secure our long-term future. We chose the latter, because we were determined to preserve the good name of Saint Kitts and Nevis.

We initiated a full investigation into our CBI programme and received our first report in October, 2022. Shortly thereafter, we commenced a comprehensive legislative review of our CBI regulations. On December 01, 2022, I travelled to Dubai—the epicentre of the global CBI industry—to announce major reforms to our CBI programme under the banner of Sustainability and Good Governance.

By December 23, 2022, we enacted new CBI regulations into law. We introduced a Board of Governors to oversee CIU operations, implemented a Technical Committee to review files, and for the first time in 40 years, criminalised underselling practices. We also made it clear to the world that Saint Kitts and Nevis would lead by example in raising CBI standards.

Our Plan for a Sustainable Island State

We are committed to ensuring a sustainable future for our nation, built on the principles of transparency, accountability, and good governance. Our plan is based on four pillars:

Pillar 1: Economic Diversification

Pillar 2: Education and Human Capital Development

Pillar 3: Infrastructure Development

Pillar 4: Environmental Sustainability

Conclusion

Our administration is committed to ensuring a brighter future for our nation. We are working tirelessly to build a more sustainable, resilient, and prosperous society. We believe that our plan can guide us towards a brighter future, but we must work together to achieve this goal.

Frequently Asked Questions

Q: What is the plan for the CBI programme?
A: We are committed to ensuring that our CBI programme is transparent, accountable, and sustainable. We are implementing reforms to enhance our CBI regulations, ensure good governance, and raise industry standards.

Q: How will you ensure a sustainable future for the nation?
A: We are committed to diversifying our economy, developing our human capital, investing in infrastructure, and protecting our environment. Our plan is based on five pillars: economic diversification, education and human capital development, infrastructure development, environmental sustainability, and good governance.

Q: What is the vision for the future of Saint Kitts and Nevis?
A: Our vision is to build a more sustainable, resilient, and prosperous nation. We believe that our plan can guide us towards a brighter future, but we must work together to achieve this goal.